Core Insights - In Q3 2025, China's current account surplus was 1.3948 trillion yuan, driven by a goods trade surplus of 1.9213 trillion yuan, while the capital and financial account recorded a deficit of 1.3948 trillion yuan [1][2] - For the first three quarters of 2025, the current account surplus reached 3.5074 trillion yuan, with a goods trade surplus of 5.2015 trillion yuan, and a capital and financial account deficit of 3.3885 trillion yuan [1][2] Summary by Categories Current Account - Q3 2025 current account surplus: 1.3948 trillion yuan (195.6 billion USD) [1] - Goods trade surplus in Q3 2025: 1.9213 trillion yuan (269.5 billion USD) [1] - Service trade deficit in Q3 2025: 352 billion yuan (49.4 billion USD) [1] - First three quarters 2025 current account surplus: 3.5074 trillion yuan (489.8 billion USD) [2] - Goods trade surplus for the first three quarters: 5.2015 trillion yuan (726.2 billion USD) [2] Capital and Financial Account - Q3 2025 capital and financial account deficit: 1.3948 trillion yuan (195.6 billion USD) [1] - First three quarters 2025 capital and financial account deficit: 3.3885 trillion yuan (473.3 billion USD) [2]

Core Insights - The State Administration of Foreign Exchange of China reported a current account surplus of 13,948 billion yuan for Q3 2025, driven by a goods trade surplus of 19,213 billion yuan, despite service and primary income deficits [1] - For the first three quarters of 2025, the current account surplus reached 35,074 billion yuan, with a goods trade surplus of 52,015 billion yuan, indicating strong trade performance [1][2] - The capital and financial account showed a deficit of 13,948 billion yuan in Q3 2025, with net inflows from foreign direct investment into China [1] Summary by Categories Current Account - In Q3 2025, the current account surplus was 13,948 billion yuan, equivalent to 1,956 billion USD, with a goods trade surplus of 19,213 billion yuan (2,695 billion USD) [1] - For the first three quarters of 2025, the current account surplus totaled 35,074 billion yuan (4,898 billion USD), with a goods trade surplus of 52,015 billion yuan (7,262 billion USD) [2] Trade Balances - Q3 2025 saw a service trade deficit of 3,520 billion yuan and a primary income deficit of 2,324 billion yuan, while the secondary income recorded a surplus of 579 billion yuan [1] - In the first three quarters of 2025, the service trade deficit was 11,166 billion yuan, and the primary income deficit was 6,844 billion yuan, with a secondary income surplus of 1,069 billion yuan [1][2] Capital and Financial Account - The capital and financial account recorded a deficit of 13,948 billion yuan in Q3 2025, including net errors and omissions [1] - For the first three quarters of 2025, the capital and financial account deficit was 33,885 billion yuan, indicating significant outflows [1][2]

Core Insights - The State Administration of Foreign Exchange of China released preliminary data on the international balance of payments for the third quarter and the first three quarters of 2025, indicating significant trends in the country's trade and financial accounts [1] Group 1: Third Quarter Data - In the third quarter of 2025, China's current account surplus was $195.6 billion, driven by a goods trade surplus of $269.5 billion [1] - The service trade recorded a deficit of $49.4 billion, while the primary income showed a deficit of $32.6 billion, and the secondary income had a surplus of $8.1 billion [1] - The capital and financial account, including net errors and omissions for the quarter, reported a deficit of $195.6 billion [1] Group 2: Year-to-Date Data - For the first three quarters of 2025, China's current account surplus reached $489.8 billion, with a goods trade surplus of $726.2 billion [1] - The service trade deficit expanded to $155.8 billion, and the primary income deficit was $95.5 billion, while the secondary income surplus was $14.9 billion [1] - The capital and financial account, including net errors and omissions for the period, showed a deficit of $473.3 billion [1]

Core Insights - The State Administration of Foreign Exchange of China reported preliminary data on the international balance of payments for the third quarter and the first three quarters of 2025, indicating a significant surplus in the current account [1][2]. Group 1: Current Account Overview - In Q3 2025, China's current account surplus was 13,948 billion yuan, with a goods trade surplus of 19,213 billion yuan, a services trade deficit of 3,520 billion yuan, a primary income deficit of 2,324 billion yuan, and a secondary income surplus of 579 billion yuan [1]. - For the first three quarters of 2025, the current account surplus reached 35,074 billion yuan, with a goods trade surplus of 52,015 billion yuan, a services trade deficit of 11,166 billion yuan, a primary income deficit of 6,844 billion yuan, and a secondary income surplus of 1,069 billion yuan [1]. Group 2: Capital and Financial Account - In Q3 2025, the capital and financial account (including net errors and omissions) recorded a deficit of 13,948 billion yuan, while direct investment into China maintained a net inflow [1]. - For the first three quarters of 2025, the capital and financial account (including net errors and omissions) showed a deficit of 33,885 billion yuan [1]. Group 3: USD Valuation - In USD terms, the current account surplus for Q3 2025 was 1,956 billion USD, with a goods trade surplus of 2,695 billion USD, a services trade deficit of 494 billion USD, a primary income deficit of 326 billion USD, and a secondary income surplus of 81 billion USD [1]. - For the first three quarters of 2025, the current account surplus was 4,898 billion USD, with a goods trade surplus of 7,262 billion USD, a services trade deficit of 1,558 billion USD, a primary income deficit of 955 billion USD, and a secondary income surplus of 149 billion USD [2]. Group 4: SDR Valuation - In terms of Special Drawing Rights (SDR), the current account surplus for Q3 2025 was 1,429 billion SDR, with a goods trade surplus of 1,969 billion SDR, a services trade deficit of 361 billion SDR, a primary income deficit of 238 billion SDR, and a secondary income surplus of 59 billion SDR [2]. - For the first three quarters of 2025, the current account surplus was 3,639 billion SDR, with a goods trade surplus of 5,394 billion SDR, a services trade deficit of 1,161 billion SDR, a primary income deficit of 705 billion SDR, and a secondary income surplus of 110 billion SDR [2].

Core Insights - The State Administration of Foreign Exchange (SAFE) released preliminary data on China's international balance of payments for the third quarter and the first three quarters of 2025, indicating a current account surplus of 13,948 billion yuan in Q3 2025 [1][2]. Group 1: Current Account - In Q3 2025, China's current account surplus was 13,948 billion yuan, with a goods trade surplus of 19,213 billion yuan, a services trade deficit of 3,520 billion yuan, a primary income deficit of 2,324 billion yuan, and a secondary income surplus of 579 billion yuan [2][3]. - For the first three quarters of 2025, the current account surplus reached 35,074 billion yuan, with a goods trade surplus of 52,015 billion yuan and a services trade deficit of 11,166 billion yuan [2][3]. Group 2: Capital and Financial Account - The capital and financial account recorded a deficit of 13,948 billion yuan in Q3 2025, with net inflows from foreign direct investment into China [2][3]. - For the first three quarters of 2025, the capital and financial account showed a deficit of 33,885 billion yuan [2][3]. Group 3: USD and SDR Valuation - In USD terms, the current account surplus for Q3 2025 was 1,956 million USD, with a goods trade surplus of 2,695 million USD and a services trade deficit of 494 million USD [2][3]. - The current account surplus for the first three quarters of 2025 was 4,898 million USD, with a goods trade surplus of 7,262 million USD [2][3]. - In terms of Special Drawing Rights (SDR), the current account surplus for Q3 2025 was 1,429 million SDR, with a goods trade surplus of 1,969 million SDR [3][4].

Core Insights - In the first half of 2025, China's current account surplus reached $294.1 billion, indicating a stable economic position [1][2] - The trade balance showed resilience, with a goods trade surplus of $456.7 billion, despite a 22% quarter-on-quarter decrease in the surplus in Q2 [1] - Service trade became more active, with a 13% increase in service trade income and a 2% increase in expenditure, leading to a reduced deficit of $1.064 billion [2] Group 1: Current Account Overview - The current account surplus is within a reasonable equilibrium range, continuing the high levels from the second half of 2024 [1] - The goods trade exports grew by 7% year-on-year, contributing to the significant trade surplus [1] Group 2: Service Trade Dynamics - Service trade income and expenditure increased by 13% and 2% respectively, with a notable 42% rise in cross-border travel income [2] - The deficit in service trade narrowed by 13% compared to the previous year [2] Group 3: Investment Income Trends - Investment income improved, with foreign investment returns in China increasing by 7% and outbound investment returns rising by 13% [2] - The investment income deficit was $71.3 billion, showing a 3% year-on-year reduction [2]

Core Insights - In the first half of 2025, China's current account surplus reached 21,126 billion yuan, while the capital and financial account recorded a deficit of 19,936 billion yuan [1] - When converted to USD, the current account surplus amounted to 2,941 million USD, and the capital and financial account deficit was 2,776 million USD [1] Group 1 - The current account surplus indicates a positive balance in trade and income flows for China [1] - The capital and financial account deficit suggests outflows in investments and financial transactions [1] - The data reflects China's economic position and its interactions with global markets in the specified period [1]

Core Points - In Q2 2025, China's current account surplus was 925.2 billion yuan, while the capital and financial account recorded a deficit of 984.2 billion yuan [1] - For the first half of 2025, the current account surplus reached 21,126 billion yuan, with a capital and financial account deficit of 19,936 billion yuan [1] - In USD terms, the current account surplus for Q2 2025 was 128.7 billion USD, driven by a goods trade surplus of 219.1 billion USD and a services trade deficit of 47.1 billion USD [1] - The capital and financial account deficit in USD for Q2 2025 was 137 billion USD, with a capital account deficit of 1 million USD and a financial account deficit of 136.9 billion USD [1] - For the first half of 2025, the current account surplus in USD was 294.1 billion USD, with a goods trade surplus of 456.7 billion USD and a services trade deficit of 106.4 billion USD [1] - The capital and financial account deficit in USD for the first half of 2025 was 277.6 billion USD, with a capital account deficit of 1 million USD and a financial account deficit of 277.5 billion USD [1] SDR Valuation - In Q2 2025, the current account surplus was 94.9 billion SDR, while the capital and financial account recorded a deficit of 100.8 billion SDR [2] - For the first half of 2025, the current account surplus was 220.9 billion SDR, with a capital and financial account deficit of 207.6 billion SDR [2]

Core Insights - In Q2 2025, China's current account surplus was 925.2 billion yuan, while the capital and financial account recorded a deficit of 984.2 billion yuan [1] - For the first half of 2025, the current account surplus reached 21,126 billion yuan, with a capital and financial account deficit of 19,936 billion yuan [1] Financial Data Summary - In USD terms, Q2 2025 current account surplus was 128.7 billion USD, with a goods trade surplus of 219.1 billion USD and a services trade deficit of 47.1 billion USD [1] - For the first half of 2025, the current account surplus in USD was 294.1 billion USD, driven by a goods trade surplus of 456.7 billion USD and a services trade deficit of 106.4 billion USD [1] - The capital and financial account deficit in Q2 2025 was 137 billion USD, with a capital account deficit of 1 million USD and a financial account deficit of 136.9 billion USD [1] - In the first half of 2025, the capital and financial account deficit was 277.6 billion USD, with a capital account deficit of 1 million USD and a financial account deficit of 277.5 billion USD [1] SDR Valuation Summary - In SDR terms, the current account surplus for Q2 2025 was 94.9 billion SDR, while the capital and financial account deficit was 100.8 billion SDR [1] - For the first half of 2025, the current account surplus in SDR was 220.9 billion SDR, with a capital and financial account deficit of 207.6 billion SDR [1]

Core Insights - The State Administration of Foreign Exchange reported a current account surplus of 971.5 billion yuan in Q2 2025, driven by a goods trade surplus of 1.5751 trillion yuan, despite service and primary income deficits [1] - For the first half of 2025, the current account surplus reached 2.1589 trillion yuan, with a goods trade surplus of 3.2798 trillion yuan, indicating strong trade performance [1] - The capital and financial account recorded a deficit of 971.5 billion yuan in Q2 2025, with direct investment into China maintaining a net inflow [1] Summary by Categories Current Account - In Q2 2025, the current account surplus was 971.5 billion yuan, comprising a goods trade surplus of 1.5751 trillion yuan, a service trade deficit of 334.5 billion yuan, a primary income deficit of 297.8 billion yuan, and a secondary income surplus of 28.7 billion yuan [1] - For the first half of 2025, the current account surplus totaled 2.1589 trillion yuan, with a goods trade surplus of 3.2798 trillion yuan, a service trade deficit of 760.4 billion yuan, a primary income deficit of 408.9 billion yuan, and a secondary income surplus of 48.5 billion yuan [1] Capital and Financial Account - The capital and financial account showed a deficit of 971.5 billion yuan in Q2 2025, including net errors and omissions [1] - In the first half of 2025, the capital and financial account recorded a larger deficit of 19.81 trillion yuan, indicating significant outflows [1] USD Valuation - In USD terms, the current account surplus for Q2 2025 was $135.1 billion, with a goods trade surplus of $219.1 billion and service trade deficit of $46.5 billion [1] - For the first half of 2025, the current account surplus was $300.6 billion, with a goods trade surplus of $456.6 billion and a service trade deficit of $105.9 billion [1] SDR Valuation - In terms of Special Drawing Rights (SDR), the current account surplus for Q2 2025 was 99.6 billion SDR, with a goods trade surplus of 161.5 billion SDR [2] - For the first half of 2025, the current account surplus was 225.7 billion SDR, with a goods trade surplus of 342.5 billion SDR [2]